tv Rob Black and Your Money KRON January 27, 2014 11:00am-11:31am PST
savings. and especially the age where we are. where should we be as far as retirement and our savings right now >>: before you get to retire you want to have 10 to 20 times your salary. when your 6510 to 20 times your salary. 20 times if you're going to be living fact. by the time you pick 45 which is generation x material, you need three to four times your salary if you're making 100,000 unique 400 to 500,000 in your savings otherwise, you are falling away behind. >>: is a 45 for you should start readjusting your portfolio. >>: if you're on the high and absolutely. if you're not alone and you may have to work a little bit longer to expose their capital to more risks. you're no longer are 20 or in their early
thirties. yet a big chunk of change. you want to make sure you have allocated properly see you get the exposure to growth. and the final 15 to 20 years and savings. if you don't do it on your 401k hit that bottom automatic to rebalance your portfolio so you don't get out of whack. >>: i think a big part of the retirement is the expectation of our standard of living. we look at our parents and are grandparents. is a realistic for the same expectations. >>: our parents grew up in the world of pensions. were growing up in the world of kick the pensions out of everything except for essential services. >>: to get the pensions gone. ago with 41 case. >>: our ability to do with our parents did just not there.
>>: now living longer corporations can say no you save on your on. we are going to cover the whole month per say. the pension days are gone 3 the cost of living is dramatically changing. >>: i think as i kids get older we start thinking about our life insurance needs and our life insurance and now is getting a little bit more expensive. that separation which need a life insurance is 10 times your salary. if you make 100,000
that's when you start spending less on a vacation to treat less on your budget. start thinking you're born to live a long life. a lot of people think social security is enough to do in retirement and it simply cannot. >>: coming up i'm going to be talking to chat on generation x 3 i will be speaking a real-estate and generation x financial planning issues and more. state-owned will take a break and we will be right to back.
the baby boomers are always going to replace 80 percent of their income in retirement generation x. only replace about 71% and generation why only about 62% to the 71% to generation x my group is what i want to talk about. >>: this is kind of scary. i can't imagine a living off 70% my paycheck now. what do we need to know >>: well first of all generation x. the survey you just heard about your parents that's probably the better numbers that i've seen. generation x really need to learn from what. how >>: for now and the thick of your earning years. on going to
retirement plan what your thoughts. >>: you can do that. a lot of people even on the bomber side are expecting great inheritance in order to get into retirement. the matter what they have to save 10% of their pay if you're 22 and working for it when a big windfall comes and agreed to change your lifestyle at that point. you have to use what is known and have a flexible financial plan. something that our generation missed out on was pension plans.
reg is live from 33 years retirements in poor health. that's very expensive. how do you plan for that ankle. especially if you're not saving enough today? the >>: in for concentrating on the hex. if it relies on going to invest aggressively. this is the time to be aggressive and save as much as possible. a lot of people are shying away from international funds and a margin markets because they're not doing that great compared to the u.s. market. by buying an accumulated as much stuff now as you can bet on sale, the more you have for retirement. it's always increasing your savings. and now is continuing to invest in rebalance your portfolio
to enacting overweighted. >>: our generation is also known for multiple divorces multiple marriages in nuclear families. any advice on the multiple family and go for our generation. >>: #one and a second marriage time is it's time for a prenup. especially if you already gone through one and the company of men working for your income has gone up and then the second marriage has an even higher rate of divorce. make sure you look at a prenup. there's a ways to do it really been an trust. for 35 to 45 as a typical page 2 and carry a money but also a typical agent for divorce.
more likely to be married the generation live. when you're married you're more likely to start a family and that's when the pressure to on a home kickstand. it especially in a good neighborhood. i love the one of those good good neighborhood and there'sinventoo have to buy plus 20%. everyone wants to buy it. >>: inventory is definitely a big problem this is why i think we have a different era of real-estate permit with people living and their houses longer periods we of generation x and i can't afford i'm just going to improve the property at half. my kids like their
outside a box built some equity. start saving money. it did a budget. work on your credit score. work with a good realtor. the same advice i would give to any first-time homebuyer i would give to any buyer today because it is a tough market and you really have to buy the book. let's bring up toning mendez as contact information. if you need a long the rules are tougher this year than last year. tony bin says. coming up more on generation x and the role you need to live by. did the retirement you dream of want and need. we have that pam moore take a
welcome back and i want to create a list of 10 easy things you should be doing as a generation x and to make sure your maximizing and your financial issues. at first on the list is the offer now mortgage debts. in a credit card debts typically to be eight to 18%. maybe you've been hired as a payoff on now mortgage debts. mortgage debt is great as to that that is great but now mortgage debt that is not tax refundable.
>>: next on the west is start getting serious about retirement. you're in your thirties and early forties your starting to think i have some kids. you should forgive the star city serious about this because if you wait another five years are going to work until you die. i am stocks. i own the bonds eye on a real-estate. as i got welfare started adding parts. i'm diversified. i own real-estate which is how ride on commercial real without having met a market on. cowboys educate yourself
on financial issues. protect your assets. start getting some insurance. your home becomes an asset overtime and you should have insurance on that. in case a tree falls on its. refill your insurance policies. and other assets. once think you have is your ability to earn income. to get disability and assurance. if you're 45 f-16 and more of work. police five times his salary at this point in time. because you still have time we're incoming something. nonetheless i have live simply. i would rather you save today and party later if you have a million by age
you die after you start or stop working your family will get that and be charitable. i talk a lot about money and the importance of it but it's not about that. it's about having time with your family. having time with their community. life doing of these to get to retirement in love this week to the people in your community as well as your family. follow me on facebook. kron4 rob black. i love to dig your feedback. oppose a lot of these segments on you to their rob black show. have a good day take care thanks for watching.
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